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Morgan Stanley settles email case for $15m

Morgan Stanley agreed to pay $15m to settle a civil lawsuit with the Securities and Exchange Commission over failure to produce tens of thousands of emails during probes of conflicts of interest among Wall Street analysts and other issues between late 2000 and mid-2005.

Morgan Stanley neither admitted nor denied the SEC's charges. The SEC said $5m of the fine will go to the New York Stock Exchange and the NASD, formerly the National Association of Securities Dealers, to settle separate related proceedings.

According to the SEC, Morgan Stanley failed to 'diligently search' for backup tapes containing emails until 2005 and could not produce some emails because the company overwrote backup tapes. In addition, the SEC said Morgan made 'numerous misstatements' about its email retention.